REGISTERED NUMBER: 15170029 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD 27 SEPTEMBER 2023 TO 31 DECEMBER 2024

FOR

NEOM EUROPE LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

Directors:

Mr M A Mufti

Mr S J Ricketts

Secretary:

Accomplish Secretaries Limited

Registered office:

7th Floor

50 Broadway

London

SW1H 0DB

Registered number:

15170029 (England and Wales)

Auditors:

Gravita Audit Western Limited

Keble House

Southernhay Gardens

Exeter

EX1 1NT

FIXED ASSETS

Tangible assets

4

488,815

CURRENT ASSETS

Debtors

5

9,936

Cash at bank and in hand

252,102

262,038

CREDITORS

Amounts falling due within one year

6

(4,080,260

)

NET CURRENT LIABILITIES

(3,818,222

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(3,329,407

)

CAPITAL AND RESERVES

Called up share capital

7

1

Retained earnings

(3,329,408

)

SHAREHOLDERS' FUNDS

(3,329,407

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 October 2025 and were signed on its behalf by:

Mr M A Mufti - Director

1.	STATUTORY INFORMATION

NEOM Europe Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentational currency is pounds sterling (GBP) and the financial statements are rounded to the nearest pound (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has early adopted the amendments to FRS 102 (Section 20) to align with IFRS 16 lease accounting, by identifying a right to control the use of an asset for a period, and recognising the lease liability measured at the present value of the future lease payments.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Right-of-use assets and lease liabilities

The entity recognises a right-of-use asset and a corresponding lease liability at the lease commencement date. The lease liability is initially measured at the present value of the future lease payments, discounted using the entity’s incremental borrowing rate. The right-of-use asset is initially measured at cost and subsequently depreciated over the lease term.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The company is dependent on its parent to provide the necessary funding in order for the company to meet its obligations as they fall due. The directors have received assurances from the parent company that sufficient funding will be made available for the company for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 .

4.	TANGIBLE FIXED ASSETS

Land and

buildings

£

Cost

Additions

1,710,855

At 31 December 2024

1,710,855

Depreciation

Charge for period

1,222,040

At 31 December 2024

1,222,040

Net book value

At 31 December 2024

488,815

The company has entered into a lease agreement with a fixed-term period ending on 30th June 2025.

The lease liability has been measured using an annual incremental borrowing rate of 5.71%, which reflects the cost of capital over the lease term. Correspondingly, the right-of-use asset is depreciated over the lease period using a daily depreciation rate of 0.16%, in line with the company’s Right-of-use Assets accounting policy.

Fixed assets, included in the above, which are held under finance leases are as follows:

Land and

buildings

£

Cost

Additions

1,710,855

At 31 December 2024

1,710,855

Depreciation

Charge for period

1,222,040

At 31 December 2024

1,222,040

Net book value

At 31 December 2024

488,815

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

9,936

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Finance leases

523,380

Trade creditors

97,521

Amounts owed to group undertakings

3,344,542

Other creditors

114,817

4,080,260

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1

Ordinary

£1

1

1 Ordinary share of £1 was allotted and fully paid for cash at par during the period.

Called up share capital represents the nominal value of the shares issued.

The rights, preferences, and restrictions attaching to this class of shares include equal ranking for voting, dividends, and distributions on winding up. There are no specific restrictions on the distribution of dividends or the repayment of capital for this class of shares.

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the auditors was unqualified.

Jade Quaintance (Senior Statutory Auditor)

for and on behalf of Gravita Audit Western Limited

9.	ULTIMATE CONTROLLING PARTY

The company's immediate parent company is Neom First House Holding Co., a company registered in the Kingdom of Saudi Arabia.

The ultimate controlling party is The Public Investment Fund, also registered in the Kingdom of Saudi Arabia.